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Jun
Financial Services Compensation Scheme
The Financial Services Authority (FSA) have provided a table
listing the largest UK deposit takers. The list shows how the
Financial Services Compensation Scheme (FSCS) limits would apply
for most customers but is not a complete list of deposit takers
covered by the FSCS.
If a bank or building society authorised by the FSA is unable to
pay back deposits held with it, the FSCS can pay 100% of the first
£50,000 of an eligible depositor's claim, per authorised
institution. Where a person holds accounts with two or more UK
deposit takers covered by a single authorisation, then the FSCS
will only pay up to the maximum limit of £50,000 in total,
regardless of how many different institutions a person holds
accounts with and/or the number of accounts that they hold.
In the case of customers with joint accounts, FSCS will assume
that the money in that account is split equally unless there is
evidence to suggest otherwise. This means that each account holder
in a joint account would be eligible for compensation up to the
maximum limit of £50,000.
Internet link: fsa
list of linked deposit takers
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